Estate / Date of Death Appraisal

Estate & Date of Death Appraisals

When a property owner passes away, an appraisal of their real estate as of the date of death is a critical component of estate administration. This retroactive appraisal establishes the fair market value of the property at the time of passing and serves as the basis for estate tax calculations, stepped-up cost basis determinations, and equitable distribution of assets among heirs and beneficiaries.

Madison & Park Appraisal is on the Court Approved Appraiser List in New York. We provide thorough, well-documented retroactive appraisals that meet the requirements of probate courts, the IRS, and estate attorneys.

Why a Date of Death Appraisal Is Required

Probate & Estate Administration: Probate courts require an accurate valuation of real estate holdings as of the date of death to ensure proper administration of the estate. The appraisal provides clarity on the value of the decedent's real property, facilitates compliance with legal requirements, and supports the orderly distribution of assets.

Estate Tax Compliance: The value of real estate at the date of death is used to calculate federal and state estate tax liability. For estates that exceed applicable exemption thresholds, an accurate appraisal is essential to determine tax obligations and avoid penalties from the IRS or state tax authorities.

Stepped-Up Cost Basis: Heirs who inherit property receive a "stepped-up" cost basis equal to the property's fair market value at the date of death. This is significant for capital gains tax purposes — if the property is later sold, the gain is calculated from the stepped-up value, not the decedent's original purchase price. An accurate date of death appraisal establishes this basis and can result in substantial tax savings for heirs.

Equitable Distribution: When multiple heirs are entitled to shares of the estate, a certified appraisal ensures that the real property is valued objectively, preventing disputes and supporting fair distribution.

The Retroactive Appraisal Process

A date of death appraisal requires the appraiser to determine what the property was worth on a specific past date. This involves researching comparable sales that were active or closed around the date of death, analyzing market conditions as they existed at that time, and inspecting the property in its current condition while accounting for any changes that may have occurred since the date of death.

We work closely with estate attorneys, executors, and trust administrators to gather the necessary information and deliver reports that meet the specific requirements of the court or tax authority involved.

Coverage & Property Types

We provide estate and date of death appraisals for single-family homes, condominiums, co-ops, 2-4 unit investment properties, and vacant land throughout Westchester County, Manhattan, Greenwich, CT, and all of our service areas.